CALGARY - Suncor Energy Inc. says it is investing in carbon capture technology company Svante Inc. as it looks for ways to reduce or offset greenhouse gas emissions from its extensive oil and gas operations. Suncor CEO Mark Little says its investment in Vancouver-based Svante will support the commercialization of a technology that could cut the cost of carbon capture, adding it will also be a collaborative partner. Calgary-based Suncor has targeted an emissions intensity reduction from its [Read more]
Topaz Energy raises its 2021 guidance, signals intent to grow by acquisition
Topaz Energy Corp. is raising its 2021 guidance to recognize recent acquisitions and signalling its intent to continue to be a buyer following its $250-million initial public offering in October. The Calgary-based company says it expects average royalty production of about 11,700 barrels of oil equivalent in 2021, up from 10,300 boe/d of actual output in the last three months of 2020. It also expects revenue from its gas processing and other assets to rise by about 25% to $50.8 million [Read more]
Alberta regulator orders takeover of Mojek Resources’ wells, pipelines, facilities
CALGARY - The Alberta Energy Regulator says it is directing the Orphan Well Association and working interest partners of Mojek Resources Inc. to take over its wells and facilities after the company failed to clean up multiple spills and comply with multiple orders. The regulator says the escalation of enforcement was deemed necessary when the Calgary-based company failed to comply by March 5 with an order issued Jan. 4 requiring the suspension of its wells and facilities, discontinuation of [Read more]
Commercial pilot to test radio frequency oilsands technology funded
A company investigating the use of radio frequency energy as a cleaner and cheaper way to produce heavy oil from the oilsands says it has the means to proceed with a commercial pilot project. Calgary-based Acceleware Ltd. says a recent commitment of $5 million from Alberta Innovates, a provincial research agency, brings its direct funding to $19 million and fully funds its proposed pilot. Its other funders include Suncor Energy Inc. and an unnamed second oilsands producer with up to $2 [Read more]
Alberta energy minister defends war room petition attack on children’s Bigfoot movie
Alberta’s energy minister is defending her government’s attack on a children’s movie about Bigfoot, calling its anti-oil message inaccurate and “quite offensive.” Sonya Savage also says it’s critical to push back constantly against any false narrative that casts Alberta’s wellspring industry in a negative light. Savage is referring to a petition campaign recently launched by the United Conservative government’s so-called "war room" against the animated movie “Bigfoot Family" put out by the [Read more]
Canada-U.S. Commons committee exploring latest cross-border pipeline flashpoint
WASHINGTON - The latest pipeline dispute between Canada and the United States is back on the agenda in Ottawa. Enbridge vice-president Vern Yu is scheduled to appear today before a special House of Commons committee exploring Canada-U.S. ties. Enbridge owns and operates Line 5, a vital cross-border energy link that Michigan Gov. Gretchen Whitmer has vowed to shut down. Whitmer is convinced the dual pipeline, which runs beneath the Straits of Mackinac, poses too severe a threat to the [Read more]
Manitoba introduces bill proposing tougher fines for protesters
WINNIPEG - The Manitoba government has introduced a bill that proposes tougher fines and possible imprisonment for people interfering with critical infrastructure. The owner or operator of the infrastructure would be able to apply for a court order to create a temporary protection zone. Included would be oil or natural gas pipelines and provincial highways. If a person were to go into the area, he or she could be fined $5,000 or jailed for up to 30 days. A corporation could be fined [Read more]
Renewable diesel/hydrogen project in line for $100M in carbon credits, Tidewater says
CALGARY - Tidewater Midstream and Infrastructure Ltd. says it expects to receive $100 million in provincial government low carbon fuel credits if it proceeds with a plan to build renewable diesel and renewable hydrogen facilities at its Prince George Refinery in B.C. The Calgary-based company says the 3,000-barrel-per-day stand-alone complex would cost between $215 million and $235 million to build, which means the credits would equate to about 45% of the cost. It estimates that the asset [Read more]
Tourmaline Oil CEO says oilpatch acquisition environment still ‘positive’
CALGARY - The CEO of Tourmaline Oil Corp. says there are still plenty of potential acquisition targets in Western Canada but that may change if recently higher global oil prices continue to strengthen. On a conference call to discuss fourth-quarter results, Mike Rose says the company is looking at several possible deals as it celebrates higher earnings and production following a year in which it completed four corporate acquisitions. Tourmaline closed deals to buy two private producers, [Read more]
Tourmaline Oil reports Q4 earnings of $629 million and 12 per cent production rise
CALGARY - Tourmaline Oil Corp. is reporting higher fourth-quarter earnings and production along with a 14% increase in its dividend following a year in which it completed four corporate acquisitions. The Calgary-based company, the largest natural gas producer in Canada, says it had net income in the last three months of 2020 of $629 million or $2.28 per share, more than 10 times the $61.3 million or 23 cents it reported in the same period of 2019. It says the increase in net earnings [Read more]
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